Turkey cuts Russian oil imports as Black Sea export disruptions curb supplies, data shows

• Total Turkish oil imports from Russian ports fell from 1.2 million tons in June to 900,000 tons in July, with Black Sea supplies cut in half
• Ukrainian attacks led to a one-week export suspension from the CPC terminal, which carries about 1.8% of global oil supply from Kazakhstan
• Ukraine paused drone strikes on non-Russian tankers using the CPC terminal after intervention from U.S. Vice President JD Vance

Summary: Turkey Cuts Russian Oil Imports After Black Sea Export Disruptions

Key Development:

Turkey significantly reduced oil imports from Russian Black Sea ports in July and August following Ukrainian drone attacks that disrupted export operations at key terminals.

Critical Figures:

• July imports dropped to 900,000 tons from 1.2 million tons in June
• Black Sea supplies fell sharply to 300,000 tons in July from 600,000 tons in June
• August imports expected to decline further to just 200,000 tons from Russian Black Sea ports
• CPC oil loadings decreased by one-fifth in July

Operational Impact:

Ukrainian drone strikes caused a one-week export suspension at the Caspian Pipeline Consortium (CPC) terminal and unstable loadings from Novorossiysk port. The CPC pipeline transports approximately 1.8% of global oil supply from Kazakhstan to Russia's Black Sea coast.

Market Response:

Turkey is diversifying its oil supply sources to offset disruptions, including rare imports from Brazil and Guyana in August. No CPC Blend or Urals oil loadings to Turkey are currently planned for August, though data may be updated.

Geopolitical Context:

Turkey criticized the attacks as alarming threats to navigational safety and regional commerce. Ukraine reportedly paused drone strikes on non-Russian tankers using the CPC terminal following intervention from U.S. Vice President JD Vance, according to the Financial Times.

Implications:

The disruptions add to global supply concerns already affected by Middle East tensions. Turkey's shift to alternative suppliers demonstrates the broader market adjustments occurring due to Black Sea security risks.